Dear Mr. Pradeep Sahukari
There is no Income Tax Law as such as per my best knowledge, it is either Income Tax Act or Income Tax Rule. Secondly does IT act prohibits you to give more or less than 40%/50% of the basic.
The IT Act states that the maximum deductible for HRA is 40% of the Basic for non metros and 50% in case of Metros. There is no rule to fix the HRA 40% or 50% of the Basic in any Act. If there is any please refer to me the said Act for my knowledge gaining purpose
From India, Ahmadabad
733There is no Income Tax Law as such as per my best knowledge, it is either Income Tax Act or Income Tax Rule. Secondly does IT act prohibits you to give more or less than 40%/50% of the basic.
The IT Act states that the maximum deductible for HRA is 40% of the Basic for non metros and 50% in case of Metros. There is no rule to fix the HRA 40% or 50% of the Basic in any Act. If there is any please refer to me the said Act for my knowledge gaining purpose
From India, Ahmadabad
Sir, as per my knowledge most of the companies follows PF deduction on Basic only..only few companies follows minimum deduction.earlier it was 6500 but now 15000...
From India, Hyderabad
From India, Hyderabad
Hi,
Pradeep
1.PF deduction is on basic+Da+Ra( if any retention allowances providing by the employer)
2.What is meant by minimum deduction please elaborate it.
3. yes, from 1st of September this new wage ceiling will get effect.
From India, Mumbai
Pradeep
1.PF deduction is on basic+Da+Ra( if any retention allowances providing by the employer)
2.What is meant by minimum deduction please elaborate it.
3. yes, from 1st of September this new wage ceiling will get effect.
From India, Mumbai
Yes the PF contribution should be on the Basic+DA as Aditya has mentioned, The EPFO has also given a cap i.e. Wage ceiling of Rs. 15,000/- effective today that if the Basic+DA is more than Rs. 15,000/- then the employee and employer has a choice to restrict their contribution to 12% of Rs. 15,000/- which is Rs. 1800/- p.m. either side. Hope this clarifies your query
From India, Ahmadabad
From India, Ahmadabad
Dear Sujit,
Your Salary slip would does not comply with legal statutes,
As per recent ammendment in PF act anyon with less than basic of 15000 is under PF
HRA has been explained by other Cite Community members.
Conveyance abopve 800 beconmes taxable.
Would recommend to rethink your decision to join such organisation.
Regards,
Sandeep yadav
From India
Your Salary slip would does not comply with legal statutes,
As per recent ammendment in PF act anyon with less than basic of 15000 is under PF
HRA has been explained by other Cite Community members.
Conveyance abopve 800 beconmes taxable.
Would recommend to rethink your decision to join such organisation.
Regards,
Sandeep yadav
From India
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SALARY SHEET CALCULATION.xls
Salary calculation.doc